Renewable energy to rise owing to solar power, high fuel prices: Report

The rollout of solar and wind power installations, which are anticipated to reach 440 gigawatts in 2023, has been boosted by high fossil fuel prices, the report said

The world is on track to add a record amount of renewable energy capacity this year as consumers and governments look to offset high energy prices and benefit from a boom in solar power, a study released on Thursday said.

According to the International Energy Agency (IEA), the rollout of solar and wind power installations, which are anticipated to reach 440 gigawatts in 2023, has been boosted by high fossil fuel prices and worries about energy security as a result of Russia's war on Ukraine.

This amounts to about a third more than what was added globally the year before, bringing the total installed capacity to 4,500 GW, or roughly the combined total power output of China and the United States, the study said.

“The global energy crisis has shown renewables are critical for making energy supplies not just cleaner but also more secure and affordable," Fatih Birol, the IEA's executive director was quoted as saying by news agency Associated Press.

“Governments are responding with efforts to deploy them faster,” he said. Recent incentives to install renewables introduced by the Biden administration are already driving a significant uptake in the United States.

Photovoltaic systems will account for about two-thirds of the increase in renewable energy capacity this year, with both large-scale solar farms and residential rooftop installations experiencing significant growth.

The IEA reported that, particularly in China, the manufacturing capacity for PV components was also rising.

Construction of new wind farms is predicted to rebound after a period of low growth. However, in contrast to solar manufacturing, the supply chains for wind turbines aren't growing fast enough to meet demand, the agency said.

However, Birol issued a warning that in order to handle the intermittent nature of solar and wind power, power grids must be upgraded and expanded. This calls for network operators to adopt a fundamentally different strategy from that of existing coal, gas, or nuclear plants.

The report also predicts that several European countries, including Spain, Germany, and Ireland, will see wind and solar’s combined share of their overall annual electricity generation top 40 per cent by 2024.

One of the most crucial steps for lowering greenhouse gas emissions that contribute to global warming is shifting the global economy away from fossil fuels.

According to experts, emissions must be cut in half by 2030 and to "net zero" by the middle of the century in order to achieve the Paris Climate Agreement's goal of keeping temperature increases since pre-industrial times to 1.5 degrees Celsius (2.7 Fahrenheit).

A separate body, the International Renewable Energy Agency, has called for significant increases in wind and solar investment. At this year's UN climate summit in Dubai, nations are anticipated to discuss establishing a global goal for the adoption of renewable energy.